The “Great Inflation” Arrives

Lúcio Vinhas de Souza ()
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Lúcio Vinhas de Souza: Havard University

Chapter Chapter 3 in A Century of Global Economic Crises, 2024, pp 35-44 from Springer

Abstract: Abstract Overlapping with the latter part of the very gradual demise of gold-backed or gold-pegged monetary systems, the so-called Great Inflation was one of the defining macroeconomic period of the second half of the twentieth century in the US (and, by extension, of the rest of the world). Usually dated as having lasted from 1965 to 1982—albeit initial signs of an inflationary acceleration were already observable as of the early 1960s, it ultimately led to (another) revision of global monetary policy frameworks. Given the centrality of the US dollar to the global monetary system, and the large share of US GDP in global terms, this chapter will initially describe this process with a US focus, later covering other economies.

Date: 2024
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DOI: 10.1007/978-3-031-53460-7_3

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